Iraq oil income drops on lower prices

Iraq's revenues from oil sales fell in May compared to the previous month as a result of declining global crude prices and increased domestic demand, the oil ministry said on Saturday.Overall Iraqi oil exports averaged 2.45 million barrels per day (bpd), equating to 75.95 million barrels over the course of May, ministry spokesman Assem Jihad said.While the total figure for May was higher than the previous month, the daily average declined from April's exports of 2.508 million bpd.

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Iraq's revenues from oil, which account for the lion's share of the country's income, fell in June to their lowest level in 16 months because of rising local demand, an oil ministry spokesman said on Sunday."We exported around 72 million barrels, at a rate of 2.403 million barrels per day (bpd), during June," spokesman Assem Jihad told AFP.He put revenues for the month at $6.453 billion, the lowest such figure since February 2011 when the country took in $6.064 billion in oil sales.

Baghdad (AFP) - Iraq's oil exports reached their highest level in decades in December, the oil ministry's spokesman said on Saturday, but vital revenues were being hit by the plummeting prices of crude.

BAGHDAD: Iraq's southern oil exports rose in July to a record average of 3.064 million barrels per day (bpd) from 3.02 million in June, officials from the state-run South Oil CO. said on Saturday. Shipments have jumped after Iraq's decision to split crude stream into two grades, Basra Heavy and Basra Light, to resolve quality issues. Some companies working in Iraqi oilfields increased production following the move.

Now that sanctions have been lifted this year, Iran — an Organization of Petroleum Exporting Countries (OPEC) member — is expected to enter foreign markets. According to Bloomberg, UN\'s nuclear monitors concluded their investigation just last month into the country’s atomic-weapon technologies. After Iran signed the nuclear deal in July 2015 — Iranian oil producers are likely to start exporting crude oil as early as mid-January.

The latest confirmation that the oil cartel formerly known as OPEC is effectively non-existent, came a little over an hour ago when in its latest November monthly report, the Organization of Petroleum Exporting Countries reported that total monthly crude output for the member nations rose to 31.695 million barrels per day, the highest amount produced in three and a half years.

Iraq's oil exports and revenues from crude sales in January hit their highest levels since the 2003 US-led invasion which ousted Saddam Hussein, the oil ministry announced on Wednesday.Iraq exported a total of 67 million barrels of oil last month, generating $6.082 billion in income at an average price of $90.78 a barrel, according to figures published by the ministry."It's the highest exports and revenues for Iraq since 2003, and this will cover the budget deficit if it continues," ministry spokesman Assem Jihad told AFP.

BAGHDAD/MOSUL — Iraq’s Sunni insurgents are targeting its main northern oil pipeline, undoing plans for a massive increase in exports as violence reaches levels unseen since the darkest days of civil war.
Iraq’s ambitious plans to ramp up its oil output have been held back by poor maintenance and technical problems. Violence is making the situation worse, and, if it continues to escalate, could have a measurable impact on global supply.

NEW DELHI: India's crude oil import bill is likely to dip by 35 per cent to $73 billion this fiscal as global energy prices slumped on weak demand. India had imported 189.43 million tons of crude oil in 2014-15 for Rs 6.87 lakh crore. This fiscal the imports are projected at 188.23 million tons, almost the same level as last year. According to data available from Petroleum Planning & Analysis Cell of the Ministry of Petroleum & Natural Gas, the country imported 114.9 million tons of crude during April- October for $43.6 billion.

Despite the headwinds facing the Canadian oilpatch, the industry would likely add another 2.5 million barrels per day of crude oil by 2040, but don’t expect the country’s liquefied natural gas export industry to start up anytime soon, according to a new International Energy Agency report.

Dismal economic conditions in the eurozone accelerate to the downside as evidenced by falling retail sales. Let's take a look at the Eurozone in aggregate, as well as the three largest countries.
Eurozone Retail Sales Drop Sharply
The Markit Eurozone Retail PMI® shows Eurozone retail sales continue to fall sharply towards end of 2012.
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